At Greece, according to the latest research, it is estimated that 70 to 75% of transactions are carried out mainly with cards and not with cash. The numbers may sound high, but one European country appears to have abolished cash.
Yes, Sweden is the first state to reportedly abolish cash. According to a survey carried out in early March, a huge percentage (95%) of the country's residents aged 15 to 65 use electronic money, via apps or card.
On the other hand, cash transactions fell to single-digit percentages, which according to Jonas Hedman of Copenhagen Business School, makes the specific trades unprofitable.
The Swedish state to facilitate the citizens designed the Swish app, which is currently reportedly used by 50% of the population. This can of course happen in Sweden as the majority of the population has access in mobile coverage and most transactions are through contactless transactions. Sweden's culture and adoption of technology combined with the country's high quality of life will play a primary role in making this transition happen.
The dominance of electronic money, in the country that printed the first official papercurrency in 1661, has opened many discussions about the complete ban on cash circulation. Of course not everyone supports the idea of disappearing cash for many understandable reasons.
